If you are sitting here reading this, you are probably a top performer — the best seek out challenges, look to expand their knowledge bank, and have a strong desire for excellence. What most top performers aren’t looking for is to be sold on something they haven’t had the chance to fully investigate for themselves. After all, most of us are a bit standoffish around salespeople or when facing offers that seem too good to be true.
I recently saw a top-caliber financial analyst leave a company because a headhunter recruited him, offering a 20 percent increase in pay. This offer got the analyst through the door, but the prize at the end of the road blinded his vision of the dust storm ahead. keep reading…
From the employer’s perspective, most of the recent publicity relating to offering health care benefits has been focused on the added cost and burden of providing those benefits to a firm’s employees. However, many employers and especially small businesses seem to have failed to realize that offering healthcare benefits is one of the most powerful attraction and retention factors on the planet. As a result, not offering healthcare benefits may turn out to be a costly business decision, especially when it drives away top potential applicants and results in the loss of your top lower-paid employees to other businesses that have suddenly become more attractive by offering it.
You can’t ignore the importance of benefits in recruiting and retention because recent surveys about “what candidates want in a job by Glassdoor and Randstad both reveal that employee benefits (along with salary) are the No. 1 attraction fact. keep reading…
In case some of you are wondering who the best is, they are up here on this plaque.
That line from the 1986 film Top Gun — a film about Navy aviators — sums up the surprising problem besetting the Air Force. It can’t retain its fighter pilots. Increasingly, its pilots are remembered with retirement plaques.
It wasn’t that long ago that 80 percent of the service’s fighter pilots would re-up after their initial 11 year commitment. Today, the percentage is 65. And unless that improves, the Air Force estimates that its current 200 pilot shortage will grow to 700 in the years ahead.
To combat the problem and get more experienced aviators to stay the Air Force announced a lucrative retention program upping the pay for pilots and offering a bonus worth $225,000 for experienced pilots who sign-on for nine more years. keep reading…
In today’s roundup we tackle the complicated and totally interrelated issues of lunchtime neighborhood shopping and the retention rate of hourly workers.
And then we’ll grab a beer.
But first, there’s the matter of office gangs. Got your attention with that one? Actually it’s about the workplaces where 43 percent of employees say cliques exist. (A clique is a gang you can leave without fear of your life.)
CareerBuilder’s survey de la semaine says your colleagues who were high school athletes, class clowns, or geeks are the most likely to wind up in a clique. And just like high school, these cliques exert their own peer pressure; 19 percent admitted they “Made fun of someone else or pretended not to like them.” Almost half went out drinking with the group, which, according to 46 percent of the surveyed workers, counted a boss in the gang. keep reading…
Innovation = Ideas + Collaboration + Execution
As a result of the dramatic business successes of firms like Google, Apple, and Facebook, almost everyone has become aware of the tremendous economic value that comes from continuous corporate innovation. But unfortunately executives at most firms have failed to realize that they can dramatically increase their corporate innovation rate by simply focusing on hiring and retaining more “idea people.”
Ideas Start the Innovation Process keep reading…
A recent Gallup study found that only 47 percent of American workers are completely satisfied with their jobs. A MarketTools study found that 21 percent of employees had applied to another job in the past six months. Clearly, many employees are ready to look elsewhere for the next step in their careers.
How do you make them look at you? More importantly, how do you make your current employees stay with you?
Or, in short, how can your company become an employer of choice?
Becoming an employer of choice means that applicants are eager to work for you, that people envy your employees, that you receive unsolicited resumes, and that your most talented workers stay with the company throughout their careers.
It’s the holy grail for every employers. So do you achieve it?
There’s no single answer to that question. In fact, coming up with the answer may require answers to more questions. Here are a few you should tackle: keep reading…
If you’re going to measure and perhaps reward individual hiring managers for excellence, you will need to work with a sample of them to determine which output metrics are strategic, effective, and easy to measure.
Here are 23 possible scorecard measures as a starting point for that discussion. Note: the highest-impact factors are listed first in each of the four categories.
Category I — High business impact measures to consider keep reading…
If you left your dog home when you went to work today, shame on you. All Fido’s furry pals are enjoying national Take Your Dog to Work Day today.
What do you mean you didn’t know? You remembered Talk Like a Pirate day last September when you wore that eye patch. And that powdered sugar on your shirt two weeks ago could only have come from your National Doughnut Day celebrating.
So what are you, like that career coach Dan Galloway who says keep dogs six miles away, let alone take them to work.
Heck, if you have brought your dog to work today, who knows, you might have gotten them a job. keep reading…
How to develop a recruiter scorecard for assessing individual corporate recruiter performance
Champions insist that you keep score. If you understand that concept, you will ensure that in addition to function-wide metrics, you will supplement them with a scorecard for assessing the performance of each individual recruiter. Everyone knows that corporations are measurement crazy, so I have found that by not measuring something (in this case recruiters), you are inadvertently sending a message to executives and employees that whatever you are doing is not strategic or even important (because if it was, we would measure it).
So unless you want to purposely send a message that “having top performing recruiters doesn’t matter,” you have no choice but to develop an individual recruiter scorecard. In order to do that effectively, you first need to understand the foundation design principles for individual scorecards and then you must select the actual measures that you will use in your scorecard. In part one, I introduced the concept and provided three examples of what a scorecard might look like. In this part two, I will cover the design details and a list of the measure to consider for your scorecard. keep reading…
The San Antonio Spurs have a keen eye for talent. They do a lot of things right and a lot of those principles are applicable to how we in corporate America recruit and retain employees and run our organizations.
Starting with recruiting, the Spurs have a keen eye for talent. They do not chase super-flashy, high-priced free agents. Rather, their approach has been to travel the globe and find players who fly under the radar with superb talent and who are overlooked, like Tony Parker, Manu Ginobili, and Gary Neal, and then to develop those players into superstars. When they do sign a player, that player has to fit the profile of the organization, which typically means possession of a team-first mentality, selfless in actions, good person, and willing to buy into the system.
Looking at retention and starting at the top, their coach Gregg Popovich has been the head coach of the Spurs for 17 years and with him several of his assistant coaches have long tenure. This tenure of coaches has been vital to the success of the team, as tenured leaders come with knowledge, credibility, trust, and a strategic outlook. keep reading…
We often read about a variety of supposedly recruiting-related topics which are designed to have in-house (either full-time or contract) recruiters “do better.” We typically work on 15-25 requisitions at a time, putting in 45-60 hours of work/week for immediate hires. Consequently, if it doesn’t directly lead to helping us “quickly and affordably put more/better quality butts in chairs,” these topics are wastes of our time.
A number of these suggested topics/tasks are useful (if not vital), and others aren’t. However, when we recruiters aren’t “drinking from a firehouse,” we’re wondering how soon they’ll lay us off, so in neither case can we work on these useful tasks. It would be valuable to have a company say to us:
We’re slowing down a bit now, so we’ll have you work on these other important tasks you haven’t had time to do up to now to keep you working for awhile.
Many companies are unable/unwilling to do this, and would rather lose our accumulated knowledge and practice and start all over again in the future with some largely/wholly new crew.
Anyway, back to those favorite wastes of time we’re supposed to do in the negative-5 to negative-20 hours of free time we have during the week: keep reading…
Top performers have an incredibly high ROI
Articles from academics don’t always provide practical lessons, but there have been two recent ones that everyone in talent management should pay attention to.
The results of the first one focus on the output differential produced by top performers. This study published in February in Personnel Psychology which cut across several industries, revealed that the top 5 percent of the workforce at the researched firms produced 26 percent of the firm’s total output. The top-performing 5 percent produced 400 percent more than you would expect (26 percent rather than 5 percent).
That means that top performers have an incredibly high ROI because they produce more than four times more; however, they are generally paid less than 20 percent over an average worker in the same job.
Just like on the business side of the enterprise where the 80/20 rule prevails (80 percent of your profit comes from 20 percent of your products) there should be a similar 80/20 rule covering employee performance. This disproportional impact means that despite the fact that many in HR are enamored with the practice of “treating everyone equally,” it turns out that that approach may be well-intentioned but misguided because in business, just like sports and entertainment, top performers have a significantly higher business impact than the average. Top performers need to be prioritized.
Prioritization Is Also an Essential Element of Referral Programs keep reading…
During the newly reinvigorated and exciting ERE conference, two attendees posed related but powerful questions to me. The first was “What advanced topics should be on the agenda of recruiting leaders at elite firms?” Or as another put it “What should Google be planning to do next in recruiting?”
At least to me, future agenda items are an important topic. Because after visiting well over 100 firms, I have found a dramatic difference between the agenda items that are found on 95% of the firms (cost per hire, ATS issues, req loads, etc.) and the truly advanced subjects that only elite recruiting firms like Google, DaVita, Sodexo, etc. would even attempt to tackle.
So if you have the responsibility for setting agendas or recruiting goals, here is my list of truly advanced recruiting topics that elite leaders would find compelling but that most others would simply find to be out of their reach. If you want to be among the elite, you should select a handful for implementation. However, even if you are currently overwhelmed by your current agenda, you might still find them to be interesting reading.
25 Advanced Recruiting Topics for Bold Corporate Recruiting Leaders keep reading…
I hear from talent acquisition leaders that they want a seat at the table. I ask: “What does that mean to you?”
For an individual recruiter, it’s building trust with your hiring managers. For a recruiting manager, it’s building trust and showing progress on hiring needs with multiple hiring managers. For the leader, it’s driving quality of hire, building relationships with leaders, enhancing the brand, globalizing hiring if required, managing a large budget, driving productivity outcomes with the teams they manage, and delivering on hiring goals set out by the company at all levels especially the executive level. Any talent acquition strategy has to be aligned to these company goals and directly to the HR vision.
HR has to build bridges with their finance leaders and with those who influence strategy. For this to happen, talent acquisition has to be the bridge with its HR leaders to be the subject matter expert in hiring practices; specifically, hiring practices that help reduce short-term attrition. keep reading…
Remember the Yugo? Yugos were cars built in the old Yugoslavia, in the 1980s. They were sold solely based on their low price. More than 100,000 cars were sold in an eight-year span, but their poor quality and service resulted in zero buyer retention.
When it comes to hiring talent, most companies place too much emphasis on compensation competitiveness and not enough on their cultural brand. They may have flashy careers websites and other candidate attraction materials, but these are generic and not reflective of the company’s unique culture.
In this article I will give you tips on how to make your company more competitive by taking the vital first step of identifying your culture. Only after this step will you be able to successfully attract candidates who will fit your values and be successful in their roles. Without it, you will be stuck in the Yugo Trap, continuing to hire mismatched candidates leading to poor retention. keep reading…
A retention toolkit for innovators
As the economy picks up and unemployment rates continue to drop, I can forecast with a good deal of certainty that the turnover rates among all employees will increase. The value of and the demand for innovators will increase even more rapidly. In addition, innovators who have felt “stuck” at a firm for several years during the downturn may now have a reduced need for job security. And even if they have been treated well, they may simply be in the market for something new.
It is possible to retain almost every employee (many top firms like SAS have a 2-3 percent turnover rate), provided that you have the right tools and you are willing to be aggressive.
In the first part of this retention toolkit for innovators article I covered retention tools and approaches that could be implemented solely by innovator’s managers. In this second part, I cover numerous additional bold and aggressive retention tools and approaches for innovators but each of these requires some outside support from HR or senior managers.
Part II — 17 Bold and Aggressive Retention Tools and Actions for Innovators That May Require Senior Management or HR Support keep reading…
A retention toolkit for innovators
Corporate executives are beginning to learn the high value of innovators, which can be 5 to 300 times the value of an average employee. If a company doesn’t have enough innovators, a primary option is recruiting them. In a previous related article, I highlighted how you can successfully hire innovators. But that knowledge alone isn’t sufficient because you have to constantly work to retain these individuals who are constantly being targeted by recruiters from other firms. It should be obvious that if your firm successfully recruited them away from their existing employer, there is a high probability that another employer could do the same thing again and recruit them away from you.
Unfortunately, 95% of all retention approaches can best be described as marginally effective for the average employee, which makes them useless when you’re trying to retain an individual innovator who doesn’t have the same needs and expectations of the average employee. Therefore, if you want to keep the best innovators, provide your managers with a toolkit of bold, aggressive, and data-driven retention approaches that are tailored specifically to your innovators.
Many of the practices that work to retain innovators are also effective in increasing their productivity. In this two-part article I will highlight the most effective retention practices that are specifically targeted toward retaining innovators, game-changers, and top performers. After over 20 years of retention research and practice, I can also assure you that each one of these 30+ tools is effective.
6 Characteristics of Effective Retention Efforts for Innovators keep reading…
Remember how it felt the last time your boss told you “Thank you” for a job well done? Here’s an opportunity to spread that same feeling around with your direct reports.
Today is Employee Appreciation Day, which gives you a great reason to take a few minutes to tell your staff, individually, and face-to-face, thanks for the great work you do.
That small gesture means far more than you might think. Globoforce, whose business is employee recognition, says workers who are regularly recognized for the work they do work harder, are more productive, and jump ship much less than those who rarely or never get feedback. The last survey Globoforce did, it asked workers if they planned to look for a new job. Among those who said they felt appreciated, 20% said they would look. Among the group reporting they felt unappreciated, 60% were going to look. keep reading…
In a surprising move, it was announced on Friday that Yahoo CEO Marissa Mayer has mandated a telecommuting ban for all employees, which will go into effect this July.
As a female professional and career coach, I am shocked by this turn of events. Mayer has been an icon for millions of working women who are constantly striving to strike the right balance between their responsibilities in the home and at the office. In fact, there have been numerous articles written about Mayer’s strategy to avoid employee burnout, such as letting employees like “soccer mom Katie” leave early on certain days to attend her kids’ soccer games, and then jump back online after the kids are in bed. By the looks of this decision, it sounds like Mayer has changed her tune.
Telecommuting is not a realistic option for all employees, but when used appropriately for the right people, it can be a win-win for both employers and employees. Catering to more than 33,000 employers, TheLadders works with an array of companies that offer flexible and remote work schedules to select employees, and judging from their results, I think it would be wise for more companies to follow suit. Here are five ways companies can benefit from offering telecommuting and other work-flexibility options to their teams. keep reading…
One of the things I most admire about world-class companies is how they spot top talent inside their organization, and the great lengths they go to keep them.
Let me share what we’ve done over the past year at my company. keep reading…